Experts warn Farage’s Reform tax plan would cost UK tens of billions of pounds

PoliticsBusiness & Finance
27 May 2025 • 11:07 PM MYT
The Independent
The Independent

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  • Nigel Farage, leader of Reform UK, has pledged billions in tax cuts, positioning his party as the true 'party of workers'.
  • Farage's plans include raising the income tax threshold and restoring winter fuel payments for pensioners.
  • The Institute for Fiscal Studies (IFS) warns that Reform UK's plans would cost tens of billions of pounds, with unclear funding sources.
  • Senior economist Stuart Adam estimates the tax threshold plan alone could cost between £50bn and £80bn.
  • Farage claims savings from cutting the net-zero agenda, reducing asylum seeker housing costs, and slashing spending on government bodies would fund the tax cuts, but Labour has attacked these promises as 'fantasy'.

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